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The stock of Lupin was in focus today as it received US Food and Drug Administration (USFDA) approval for generic SUPREP Bowel Prep Kit. India's second largest pharmaceutical major announced that the USFDA had granted it approval to market the generic version of Braintree Laboratories' Suprep Bowel Prep Kit.

Suprep follows a split dose regime and Lupin has got approval for Sodium Sulfate, Potassium Sulfate and Magnesium Sulfate Oral Solution, all of which are taken to cleanse the colon before colonoscopy in adults.

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This is a positive development for Lupin as the company will launch the generic version under a 180-day exclusivity period. The Indian pharma major is expected to generate sales of US$ 30 million through this product launch.

The latest approval is a positive development for the Indian pharma sector, which has been under a lot of regulatory pressure in the past few years. The sector has faced great volatility over the years.

Volatility in the Pharma Stocks

Over the past few years, risk in the US markets has increased. The US Food and Drug Administration (FDA) has become stricter on products entering US borders. Surprise inspections have increased and companies are being issued warning letters. This has impacted the business and earnings of Indian pharma players, causing major volatility for the sector.

Give it a read to form a better understanding of the current scenario in the Indian pharma sector.

State-run Coal India said the board of its fully owned subsidiary South Eastern Coalfields Limited (SECL) has approved a share buyback plan worth Rs 12 billion, following a government directive.

This comes in only a few days after another one of Coal India's fully owned subsidiaries Northern Coalfields Limited (NCL) approved a share buyback plan worth Rs 12.4 billion.

The SECL board considered and approved a buyback of 150,443 fully paid equity shares of face value of Rs 1000 each from the members of SECL. The shares are proposed to be bought back at a price of Rs 79,777 per share, totaling Rs 12 billion.

The equity shares proposed to be bought back by SECL represent 4.2% of its existing paid up share capital. The maximum permissible limit for the same is up to 25% of the company's paid up share capital.

According to an article in the Economic Times, a government directive has asked profit-making subsidiaries of Coal India to undertake share buybacks this year in addition to the regular dividends they pay to Coal India. As part of this directive, the profit-making subsidiaries of Coal India have committed around Rs 60 billion.

The government remains the biggest stakeholder in Coal India, with a shareholding of almost 80%, and stands to benefit the most from the share buyback by its wholly owned subsidiaries.

The government is exploring ways of shoring up its revenues and is leaving no stone unturned in exhausting its options through buybacks, steep dividends from PSUs, and other instruments.

Earlier this fiscal, the government had raised about Rs 7.9 billion through share buyback of MOIL. The government has so far raised about Rs 300 billion through minority share sale by way of OFS, share buyback and CPSE ETF so far in the current fiscal.

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